National Fuel Gas Company (NFG)

Return on assets (ROA)

		Sep 30, 2023	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019
Net income	US$ in thousands	476,866	566,021	363,647	-123,772	304,290
Total assets	US$ in thousands	8,280,260	7,896,260	7,464,820	6,964,940	6,462,160
ROA		5.76%	7.17%	4.87%	-1.78%	4.71%

September 30, 2023 calculation

ROA = Net income ÷ Total assets
= $476,866K ÷ $8,280,260K
= 5.76%

The return on assets (ROA) for National Fuel Gas Co. has fluctuated over the past five years. In 2023, the ROA was 5.76%, which was a decrease from the previous year's 7.17%. This indicates that the company's ability to generate profits from its assets declined during the period. The ROA had shown improvement in 2022 compared to 2021 when it was 4.87%. However, the ROA had notably dipped in 2020 to -1.78%, reflecting a period of unprofitability. Prior to that, in 2019, the ROA was 4.71%, signifying a solid performance in utilizing its assets to generate earnings. Overall, the company's ROA has been somewhat volatile, with a mix of positive and negative trends, suggesting varying levels of efficiency in utilizing its assets to generate earnings over the years.